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BoJ History, YCC Board Implications for USD/JPY

By Brian TwomeyCurrenciesJan 17, 2023 07:50AM ET
BoJ History, YCC Board Implications for USD/JPY
By Brian Twomey   |  Jan 17, 2023 07:50AM ET
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As a continuation to the Apr. 30, 2017, long article entitled "BOJ Appointments and Implications," the two leading candidates to replace Kuroda in April when his term ends are: Masayoshi Amamiya and Nakoso Hiroshi, Masayoshi's term end Mar. 19, and Kuroda's Apr. 8 therefore, the announcement to the next BOJ Governor may materialize sooner than expected.

Where both become interesting and unusual is both were born in Tokyo. Only 4 Governors became leaders from Tokyo since the BOJ began in 1882 to 141 years. The last was Mayekawa 1979 and Yamigiwa 1956.

All past Governors were born south of Tokyo and from southern Prefectures, such as Fukuoka 2, Hyogo 3, Oita 5, Kagoshima 3, and Yamagata 3. Kuroda is from Fukuoka. Of the 31 past Governors, all were represented by 9 of the total 47 Japan Prefectures and all from southern Japan.

Historically, Japan changed and split with the ascension of Emperor Meiji in the 1860s. Previously, Japan was isolated for 250 years. Emperor Meiji opened Japan not only to the western world but catapulted Japan to a leading economic nation. Meiji was the leader of the Meiji restoration, referred to the Emperor as the "Supreme Executive authority" of Japan.

Meiji was not only born in Southern Japan from Kyoto and the home to all past emperors, but they introduced the Charter of 5 Principles to upgrade schools and education, the creation of the Japanese Parliament, known as the Diet, and government agencies. They adopted western ways to lift Japan into the modern day.

Since the Charter of 5 Principles, southern Japan ruled and dominated not only the BOJ and Prime Ministers, but northern Japan was satisfied with its 1860s isolationist and economic positions.

BOJ 2017

The question of stimulus and Yield Control is not the policy's elimination but to Tweak of the program. While Kuroda and Prime Minister Abe saw virtues to Yield Control, Shirakawa, Takahide Kuch, and Takehiro Soto dissented in favor of Yield Control adjustment. Soto was replaced by Goshi Kataoka and ally for stimulus and Yield Control. BOJ.

BOJ 2023

The tweak aspect to yield Control and stimulus derived historically from BOJ members from Southern Japan and the North, Tokyo, and Kanto Prefectures. Naoki Tamura from Kyoto and Adachi Seiji from Fukuroka are southern members and current exceptions to the nine-member board to favor tweaks to Yield Control.

WAKATABE Masazumi from the north at Kanagawa term ends Mar. 19. From 2012 to 2017, The BOJ votes based on actual Minutes ran consistently 7 -2 to include favorability to Stimulus and Yield Control.

With the appointment of Amamiya or Hiroshi to the BOJ, northern Japan will dominate the board by votes at 6 to 3 southern members, and 2 of thethree3 members favor adjustment. At the same time,e Nakagawa Junko from the south at Gukuora is questionable.

The Tweak or elimination of stimulus and Yield Control becomes the question of policy moving forward. The adjustment or tweak appears as a done deal. Still, it then comes the question of how far adjustments and will the northern board eliminate Yield Control in favor of wholesale policy changes as the policy is off to yet another BOJ failure.


USD/JPY big break now falls from 135.00 to 134.81. Vital levels: 129.30, 131.14, 132.98, and 133.89 Vs. .below 127.47 and 125.26.

BoJ History, YCC Board Implications for USD/JPY

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BoJ History, YCC Board Implications for USD/JPY

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